RealVNC MBO in automotive just the start
A new power player in the market of in-car infotainment and telematics applications has hit the road in Cambridge.
RealVNC has agreed a management buy-out that allows its VNC Automotive division to launch as an independent business. VNC Automotive Limited will be spearheaded by experienced executive Tom Blackie as CEO.
And it may not be the last spin-off from the prolific RealVNC stable as the company broadens its geographical and technological reach in an aggressive new business model spearheaded from its Cambridge UK headquarters.
RealVNC has shot past 100 headcount under new CEO Adam Greenwood-Byrne who has overseen the overhaul of the technology offering to corporate technology greats and global OEMs.
He says the company is faster and more flexible than ever, more bold in its sales and engagement strategies and has identified a number of new, high-growth vertical markets such as Set top Boxes.
It is exploiting the clear synergies of its technology with a number of key market plays driven by the increasingly influential Android mobile operating system powered by Google.
The automotive VNC spin-off was a logical first step in Real VNC’s flexible innovation roadmap. Over the last decade, the VNC Automotive division developed a global reputation for delivering car connectivity solutions across the automotive industry with 15 OEMs and software installed in more than 20 million cars.
To facilitate the on-going growth of the successful division, the RealVNC executive team negotiated a private MBO and will help the new business through a six-month operational transition to ensure a smooth migration to full independence.
Adam Greenwood-Byrne, CEO at RealVNC said: “The entire RealVNC team is very excited to support the VNC Automotive division on its own autonomous business trajectory with this management buyout.
“The VNC Automotive team have clearly demonstrated the quality and value of their car connectivity software to the automotive industry and this move is the next logical step for the evolution of their business. This gives them the independence to define the technology roadmap and strategic objectives for their future.”
Greenwood-Byrne added: “While we will be sad to see our VNC Automotive colleagues leave the company, this is a fantastic opportunity and we will do everything we can to ensure their future success.”
Tom Blackie said: “Driven by the interests of our customers, partners and employees, we have worked hard over the last few months to make this management buyout a reality.
“We thank RealVNC for their support over the last few years and for enabling this exciting opportunity. Everyone in the team is incredibly enthusiastic about the opportunities that are created by the formation of VNC Automotive Limited and it’s great news for all the stakeholders.
“We now have full control of our technology strategy so can develop even more innovative solutions for the automotive industry. It’s tremendous to be working in such an exciting market and we are confident that the new VNC Automotive Limited is very well positioned to be a major player in this dynamic ecosystem.”
• PHOTOGRAPH SHOWS: Tom Blackie